Pakistani business community can save country from default. Transfer of funds from foreign countries will make IMF irrelevant. Workable amnesty scheme can help country handle present crisis.

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(September 11, 2017)

President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister Mian Zahid Hussain on Monday asked the government to announce an amnesty scheme to bring back billions of dollars hidden in foreign banks.

The government should not borrow any more from IMF on hard conditions rather it should take loan from its own people on soft conditions, he said.

Mian Zahid Hussain said that Pakistanis are gifted people having ability to handle their problems without foreign help and all they need is a little support.

He said that Finance Minister Ishaq Dar has said that Pakistanis have stashed 200 billion dollars abroad while a group of foreign investors has claimed that the money hoarded in foreign countries is 150 billion dollars.

If the government can attract half of the amount it will settle all the economic problems forever for which steps are required including the condition that the funds would be invested in industrial sector only, he said.

The Business Leader said that real estate and stock market continue to offer better returns, therefore, the direction of money has changed to these sectors which are of little benefit to the masses and economy.

Moreover, some of the investment is attracted by the services sector which industrial sector is ignored by the investors as it is one of the most difficult ways of generating profits.

If attracting funds remained successful but a proper direction was not set, all the gains would fade in some years and country will be standing where it is today, he warned.

He said that industry is the only answer to unemployment, reduced production, falling exports, widening deficits and perpetual dollar crisis.

September 11, 2017 English September 11, 2017 Urdu

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